Ireland approves Kraken’s request for providing crypto services

• Central Bank of Ireland granted virtual asset service provider (VASP) authorization to the Irish subsidiary of Kraken.
• Kraken is the third crypto services provider after Gemini and Coinbase in Ireland to get the authorization.

Payward Europe Solutions, a Dublin-based Irish subsidiary of Kraken, was granted virtual asset service provider (VASP) authorization by the Central Bank of Ireland on 18 April.

? We’re pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), affirming our commitment to helping drive crypto adoption in Europe ?? ?

Learn more ? https://t.co/mowesdqEGj pic.twitter.com/C2ScvDhpa1

— Kraken Exchange (@krakenfx) April 18, 2023

Kraken’s Irish affiliate has gained this qualification, making it only the third crypto services provider after Gemini and Coinbase. The other two exchanges received the VASP authorization last year.

Mark Jennings, Kraken’s head of European operations, appreciated the central bank’s decision in a blog post, noting that “Clear and effective regulation is needed for the mainstream adoption of cryptocurrencies.”

Jennings also stated that:

“Kraken’s Irish VASP registration demonstrates to both our clients and regulators that Kraken follows Europe’s most robust anti-money laundering and compliance standards. Registration further underscores Kraken’s commitment to driving crypto adoption across Europe, now and into the future.”

Kraken expands into Europe as EU votes on MiCA

The VASP approval comes at a key juncture for Kraken. This is because the European Union (EU) is preparing to vote on the much-awaited Markets in Crypto Assets (MiCA) regulation.

The MiCA Act is supposed to pass without many hurdles as the preliminary voting revealed substantial bipartisan support. If it does, any company operating as a crypto assets service provider (CASP) in the EU will be required to register with one of the Union’s 27 authorities.

Back home in the United States, Kraken settled with the Securities and Exchange Commission over alleged irregularities with its staking services.

As a result of the case, Kraken agreed to pay $30 million in fines.

Regarding European expansion, it seems that Kraken can achieve MiCA compliance conditions before the EU vote on 19 April. The full implementation is set for Q3 2024, following an 18-month transition period, if the measures are approved.